Karoo Health, an Albuquerque-based health technology startup focused on cardiac care, said it inked a partnership with a national cardiology provider that its CEO said could help the New Mexico company reach new markets "at unmatched speed and scale."
Karoo announced May 23 it's partnering with Heartbeat Health, a New York-based cardiology care company that operates a decentralized health care platform. The New Mexico startup will pair its value-based cardiac care model and technology with Heartbeat's decentralized platform.
Heartbeat Health, backed by Little Rock, Arkansas-based Echo Health Ventures, virtually works with clinicians across the U.S. to provide on-demand cardiovascular care. Its CEO and Co-founder Dr. Jeffrey Wessler said in a statement the partnership will create "the first truly nationwide, end-to-end cardiac [value-based care] solution."
Karoo Health, a 2024 Startup to Watch, in mid-April rolled out a new artificial intelligence-driven technology platform to complement its value-based cardiac care model, which combines on-site and virtual care teams with cardiology networks, health plans and health systems to work more closely with cardiology patients and ultimately improve outcomes.
Ian Koons, Karoo's CEO, said in a statement combining Karoo and Heartbeat's platforms would "support timely interventions and improved access to care, allowing our value-based enterprise to manage cardiac risk for populations throughout the nation."
He added the partnership has the potential to generate "way more" revenue for Karoo through an agreed-upon revenue split with Heartbeat.
"It allows us to go to payers and stand-up markets at unmatched speed and scale," Koons said.
Karoo and Heartbeat originally connected through venture capital connections. The partnership allows Karoo to "plug in" to Heartbeat's existing cardiologist network, he said, where the Albuquerque startup might not have existing connections.
Koons told New Mexico Inno in late April the Albuquerque startup could have more than 5,000 patients under its value-based care system by the end of the second quarter.
Announcing the partnership doesn't change Karoo's existing fundraising and hiring plans. Koons said earlier this year the startup plans to raise a Series A round, typically aimed at scaling proven startups, this summer, which could total around $25 million.
He also said the startup hopes to employ upwards of 200 people in New Mexico as it scales. It currently has 20 employees.
